When it comes to the implementation and maintenance of core banking systems, two classic architectures appear to be competing with one another in various ways – monolith versus microservice, robust versus agile, and in-house versus vendor.
The core banking system is the beating heart of a financial institution. It embraces all the services a bank provides for its clients and all of the business functions necessary to carry out its business.
A decentralized architecture provides all the same services as a centralized bank, but without the middlemen. Smart contracts and P2P lending cut costs and guarantee security without affecting the quality of service.
The best way to decide which approach is the best fit for your situation is to work with an implementation partner like Luxoft Financial Services that has extensive experience with the main core banking software: Avaloq, Temenos, and IBIS3G, in addition to Murex and so on.